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MSC INCOME FUND INC Financials

MSIF
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows MSC INCOME FUND INC (MSIF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MSIF FY2025

Profitability is being produced on a larger leveraged asset base, while cash flow remains structurally disconnected from earnings.

Across FY2023-FY2025, cumulative net income was about $211.5M while cumulative operating cash flow was about -$48.2M; with assets expanding from $1.14B to $1.38B, reported income is arriving much faster than cash, a sign that this balance-sheet-driven model does not convert accounting profit into period cash in a straight line. That helps explain why FY2025 could post 12.0% ROE yet still rely on $62.6M of financing cash while paying $67.6M of dividends.

Long-term debt reached $602.8M in FY2025, up from $484.8M in FY2023. But debt-to-equity eased to 0.8x from 0.9x in FY2024, which means the latest balance-sheet expansion was supported by a larger equity base rather than by borrowing alone; liquidity therefore depends more on asset cash generation and funding access than on cash on hand.

SG&A stayed near $4.3M through FY2023-FY2025, while interest expense alone was $33.9M in FY2025. That makes funding cost and portfolio performance the real earnings swing factors: overhead discipline helps, but it is too small to explain net income moving from $56.6M to $88.7M.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 20 / 100
Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of MSC INCOME FUND INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage
85

MSC INCOME FUND INC carries a low D/E ratio of 0.82, meaning only $0.82 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.

Returns
35

MSC INCOME FUND INC's ROE of 12.0% shows moderate profitability relative to equity, earning a score of 35/100. This is up from 9.0% the prior year.

Piotroski F-Score Weak
3/9

MSC INCOME FUND INC passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality
-0.79x

For every $1 of reported earnings, MSC INCOME FUND INC generates $-0.79 in operating cash flow (-$70.3M OCF vs $88.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
$88.7M
YoY+56.9%

MSC INCOME FUND INC reported $88.7M in net income in fiscal year 2025. This represents an increase of 56.9% from the prior year.

EPS (Diluted)
$1.33
YoY-0.7%

MSC INCOME FUND INC earned $1.33 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$20.6M
YoY-27.3%

MSC INCOME FUND INC held $20.6M in cash against $602.8M in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.44
YoY-0.7%

MSC INCOME FUND INC paid $1.44 per share in dividends in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

Shares Outstanding
47M
YoY+15.8%

MSC INCOME FUND INC had 47M shares outstanding in fiscal year 2025. This represents an increase of 15.8% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
12.0%
YoY+3.0pp

MSC INCOME FUND INC's ROE was 12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$11.6M
YoY-43.8%

MSC INCOME FUND INC spent $11.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 43.8% from the prior year.

Capital Expenditures
N/A

MSIF Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $1.0M N/A $1.3M+16.1% $1.1M+11.9% $1.0M N/A $1.3M+16.2% $1.1M
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense $8.9M N/A $8.6M-0.3% $8.7M+5.3% $8.2M N/A $10.4M+8.7% $9.5M
Income Tax N/A N/A N/A N/A $0 N/A $0 $0
Net Income $13.2M N/A $26.5M+62.9% $16.3M+2.6% $15.9M N/A $7.4M-59.3% $18.1M
EPS (Diluted) $0.35 N/A $0.350.0% $0.350.0% $0.35 N/A $0.32-3.0% $0.33

MSIF Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $1.4B+2.1% $1.4B+6.4% $1.3B+0.4% $1.3B-2.2% $1.3B+8.0% $1.2B-0.2% $1.2B+1.3% $1.2B
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $15.6M-24.6% $20.6M+14.1% $18.1M-36.2% $28.3M-28.2% $39.5M+39.1% $28.4M-42.0% $48.9M+65.9% $29.5M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $690.4M+7.5% $642.4M+13.9% $563.7M-1.1% $570.3M-5.5% $603.5M+0.6% $599.8M-1.5% $608.8M+3.6% $587.8M
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt $649.1M+7.7% $602.8M+14.0% $528.7M-1.8% $538.6M-5.5% $570.2M+0.9% $565.1M+1.6% $556.1M+0.9% $551.0M
Total Equity $719.5M-2.6% $738.7M+0.6% $734.4M+1.6% $722.8M+0.5% $718.9M+15.0% $624.9M+1.0% $618.5M-0.8% $623.2M
Retained Earnings -$46.5M-7.1% -$43.4M+23.7% -$56.9M+14.3% -$66.4M-1.0% -$65.7M-1.5% -$64.7M+9.5% -$71.5M-11.0% -$64.4M

MSIF Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$18.4M+59.6% -$45.5M-409.7% $14.7M-55.4% $32.9M+145.4% -$72.5M-393.4% -$14.7M-155.5% $26.5M+193.6% -$28.3M
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow $13.3M-72.3% $48.0M+292.6% -$24.9M+43.4% -$44.1M-152.7% $83.6M+1526.7% -$5.9M+16.4% -$7.0M-121.2% $33.1M
Dividends Paid $16.3M-2.7% $16.8M-1.4% $17.0M+0.2% $17.0M+0.6% $16.9M+16.4% $14.5M+0.1% $14.5M+0.4% $14.4M
Share Buybacks $16.0M+78.9% $9.0M+253.0% $2.5M+1639.0% $146K $0-100.0% $4.0M-1.9% $4.0M-34.7% $6.2M

MSIF Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A N/A N/A
Return on Equity 1.8% N/A 3.6%+1.4pp 2.3%+0.0pp 2.2% N/A 1.2%-1.7pp 2.9%
Return on Assets 0.9% N/A 2.0%+0.8pp 1.3%+0.1pp 1.2% N/A 0.6%-0.9pp 1.5%
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 0.90+0.1 0.82+0.1 0.72-0.0 0.75-0.0 0.79-0.1 0.900.0 0.90+0.0 0.88
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Yes, MSC INCOME FUND INC (MSIF) reported a net income of $88.7M in fiscal year 2025.

MSC INCOME FUND INC (MSIF) reported diluted earnings per share of $1.33 for fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, MSC INCOME FUND INC (MSIF) had $20.6M in cash and equivalents against $602.8M in long-term debt.

Yes, MSC INCOME FUND INC (MSIF) paid $1.44 per share in dividends during fiscal year 2025.

MSC INCOME FUND INC (MSIF) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

MSC INCOME FUND INC (MSIF) generated -$70.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

MSC INCOME FUND INC (MSIF) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, MSC INCOME FUND INC (MSIF) spent $11.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

MSC INCOME FUND INC (MSIF) had 47M shares outstanding as of fiscal year 2025.

MSC INCOME FUND INC (MSIF) had a debt-to-equity ratio of 0.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

MSC INCOME FUND INC (MSIF) had a return on assets of 6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, MSC INCOME FUND INC (MSIF) had $20.6M in cash against an annual operating cash burn of $70.3M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

MSC INCOME FUND INC (MSIF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

MSC INCOME FUND INC (MSIF) has an earnings quality ratio of -0.79x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

MSC INCOME FUND INC (MSIF) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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